Garment firms trying on locals for size Local sources are to meet local textile garment firms’ material needs. Dinh Vu polyester fibre plant in northern Haiphong city’s Dinh Vu Industrial Park, developed by Petrochemical and Textile Fibre Joint Stock Company (PVTEX), is one local firm to cash in as it made its first batches of polyester synthetic fibre, the first of its kind made in Vietnam, in late 2011. Though still in the test run period, from December 2011 PVTEX has sold over 20,000 tonnes of fibres and yarns through competitive pricing. Though the Dinh Vu plant was not officially up and running, some businesses under Vinatex began to use the plant products, according to Vinatex’s deputy general director Le Tien Truong. As scheduled, in 2012 the Dinh Vu plant will turn out 150,000-175,000 tonnes of fibres meeting 40 per cent of the garment textile sector demand. In 2011, local supply sources could fill just 30 per cent of local demand for fibre, tantamount … [Read more...] about BUSINESS IN BRIEF 16/5
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BUSINESS IN BRIEF 7/5
Enterprises seek funds to bid for gold The Vietnam Gold Business Association has written to the State Bank of Vietnam (SBV), proposing loans for enterprises to buy gold via auctions. SBV has specified the minimum gold volume to bid for is 1,000 taels, requiring bidders to have abundant working capital. However, gold trading businesses are not as financially strong as banks, says a dispatch sent from the association. "The above requirement has created an unfair competition, eliminating many gold trading enterprises, especially the medium-sized ones, from gold auctions, going against the Government's policy for helping businesses overcome the current tough times, with the most practical solution being preferential credit packages," says the dispatch. Many gold trading enterprises have extensive networks across the country, with deep knowledge and long experience in the industry. They can help increase gold supply for the domestic market, satisfying the goal of the Government and SBV, … [Read more...] about BUSINESS IN BRIEF 7/5
BUSINESS IN BRIEF 22/2
Online trading scams rampant Many fraudulent traders have managed to steal money from consumers via online trading activities by using simple tricks, while the legal regulation concerning this issue still remains incomplete. Duong Thi Ngoc Giau, residing in the Mekong Delta province of An Giang, said earlier this year she fell into the trap of a fraud on the www.didongsaigon.net website. The website advertised that many cell phones were discounted 50-percent, so she chose to buy a Nokia X6, she said. On calling to the number displayed on the website, Giau met Khoa, who asked her to transfer money into his account in advance, and wait a few days for the product to be delivered. However, two days after Giau had sent money to Khoa, the mobile phone had still not arrived . On asking for Khoa, she was replied that the man "was on a business trip." Losing patience, Giau called another trader of the website, and protested: "Why does this trading look like a scam?" To her … [Read more...] about BUSINESS IN BRIEF 22/2
BUSINESS IN BRIEF 23/12
Obstacles to bad debt settlement Economists are warning the slow progress in banking reform will increase the ratio of bad debts. The International Monetary Fund's (IMF) Permanent Vietnam Representative, Sanjay Kalra, recommends stepping up the restructuring of the banking system at any cost. Judging by recent developments related to major banks in the country, the State Bank of Vietnam (SBV) is considered capable of ensuring liquidity as it is prime for stable growth. IMF Representative Sanjay Kalra is concerned about the lack of transparency in banking operations which he believes has led to instability and obstacles to further growth. Despite a credit growth boom, banks are faced with the rising bad debt ratios of State-owned enterprises (SOEs). The banking system is under heavy pressure from weak asset management and inadequate capital reserves, he says. Many economists differ on the validity of bad debt figures only verified by management agencies and the banks themselves … [Read more...] about BUSINESS IN BRIEF 23/12
Social News 8/10
HCM City offers more DPT vaccines The HCM City Preventive Health Centre yesterday told health officials in districts to ensure the provision of the fourth shot of the combined vaccine against diphtheria, pertussis and tetanus (DPT) to children aged 18 to 48 months. Only 12,889 out of 108,679 children had received the DPT vaccine as of September 30. District 4 had the highest rate of DPT vaccinated children in the city, with 54 per cent. Dr Lê Hồng Nga, the centre’s general planning division, spoke at a monthly meeting on disease prevention with the city’s Department of Health held yesterday. The districts of Bình Thạnh, 7, Cần Giờ and Tân Phú had the lowest rate, under 10 per cent, she said. Health officials in many districts such as Tân Phú District put posters on walls of apartment buildings, kindergartens and schools, calling on parents to review the vaccination schedule of their children as well as the provision of the fourth shot. The city has not yet recorded any new … [Read more...] about Social News 8/10